新兴市场的投资者们直到情况有多快变酸恶化。将近20年来，负责支撑2010年的全球增长的金砖国家（巴西、俄罗斯、印度和中国）的两个成员将近萧条。巴西和俄罗斯所面对的混合，下降的货币、高通膨和慢增长，可能会让2015年成为非常糟糕的一年。
Investors [in] emerging markets know how quickly things can turn sour. /For/ almost[/nearly] 20 years [on], two members of the BRIC[s], Brazil, Russia, India and China, /that support/ [lionised for popping up] /the/ global growth in 2010, [are] almost[/close to] /in/ recession. The mixture Brazil and Russia face, /the/ falling currencies, high inflation and slow growth, may[/could] make 2015 a very bad year.
问题已经酝酿了有一阵子了。超过一年前，摩根斯坦利（一家银行）的James Lord把巴西、印度、印尼、南非和土耳其标定为新兴市场中的五个脆弱（国）。他的担忧在于高通膨和大的经常项目赤字的结合，意味着出口货物太昂贵，位于他那种可能崩塌列表顶部的是他们的货币。
The trouble has been brewing for a while. Over a year ago, James Lord of Morgan Stanley, a bank, labelled Brazil, India, Indonesia, South Africa and Turkey [the fragile] five /fragile/ of the emerging markets. His concern /lies on/[was that] the combination of high inflation and big current-account deficit[s], mean[t] /that/ exports [were] too dear, their currencies topped his list of [those] may[/likely to] tumble.
然而他们的前景已经分离开。印度和印度尼西亚看上去安全。卢比从去年8月以来对美元升值，公共部门的赤字也在降低。印尼的卢比盾（rupiah）则没有那么稳固，自从8月底就损失来10%，但是通货膨胀已经缓和，增长也强劲。
Yet their prospects have diverged. India and Indonesia seem[/look] secure. [The] Rupee /has been/ [is] up against dollar since /last/ August [of last year and], the public-sector deficit is falling. [The] Indonesia[n] rupiah [has been less] /not so/ solid, /it has/ los[ing] 10% since end-August, but inflation has eased[/moderated] and growth is strong.
余下的四个（国家）则过得不太好。然而对于比勒陀利亚〔Pretoria南非首府〕和安卡拉（土耳其首都）的政府经济学家，存在着微弱的亮点。能源价格已经下降，对于土耳其是很棒的消息，因为石油和天然气占据其能源供应的60%，其中超过90%是入口来的。在南非，促使矿物出口缓慢的罢工已经停息，其经济可能在下一年增长2.5%。巴西和俄罗斯，相比之下，则处于相当糟糕的境地。两国面对滞涨、泡沫价格结合了今年可能少于1%的增长率。他们的痛苦的一部分来自国外。随着价格下降，土耳其的收入就是俄罗斯的损失。但是巴西和俄罗斯的问题也有国内的根源。
The remaining four are /not/ fairing [less] well. Yet [for] government economists [in] Pretoria and Ankara, there are chinks of light. The prices of energy have fallen[/dropped], /which is/ great new for Turkey since oil and [natural] gas take up[/account for] 60% of its energy supply, of which over 90% [is] imported. In South Africa, strikes [which have] stunted /the/ export of minerals have abated, [the] economy may[/could] grow by 2.5% /in the/ next year. Brazil and Russia, by contrast, are in really terrible[/bad] shape. The two countries[/Both] face /the combination of/ stagflation and bubbly prices [coupled with growth rates likely to be] /may mean/ less than[/below] 1% /growth/ this year. Some of their pain [comes] from abroad. As prices fall[/drop], Turkey's gain is Russia's loss. But Brazil and Russia's problems have /their/ domestic roots [too].
8.13
emerging markets
BRICs, Brazil, Russia, India and China
how quickly things can turn sour
lionised for propping up global growth
close to/nearly/almost
mixture/combination/coupled with
falling currencies, high inflation and slow growth/high inflation and big current-account deficits = exports were too dear
Trouble has been brewing
labelled.... the fragile five
His concern was that
topped his list of those likely to tumble.
prospects have diverged/look secure/ faring less well
rupee/Indonesian rupiah
be up against the dollar /be less solid
inflation has moderated and growth is strong
government economists in Pretoria and Ankara /South Africa and Turkey
strikes abated
have stunted exports of minerals
in really bad shape
stagflation, bubbly prices
Some of their pain comes from abroad/have domestic roots too.
